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Radiance Mandarin
Current Grading: Chennai 4 Star out of 7 Star (Suspension Revoked, Reaffirmed in June 2017) Earlier Grading: Chennai 4 Star out of 7 Star (Suspended in November 2016)
Chennai 4 Star out of 7 Star (Assigned in April 2013)
Valid till June 4, 2018
Project Profile
Type of project Residential
Location of project Thoraipakkam, OMR, Chennai
Type of development Bought out
Land Area 3.4 acres
Total saleable area 5,53,000 square feet (sq ft)
No. of villas/blocks 3 blocks
No. of units 360
Unit configuration Studio (620 sq ft)
2 BHK + Study (1575 sq ft) 3 BHK (1788 – 1849 sq ft) 4 BHK (2375 sq ft)
No. of floors Block 1 : 2 Basements + Still floor + 15 floors Block 2 : 2 Basements + Still floor + 12 floors Block 3 : Still floor + 9 floors
Location: The project is located on Pallavaram Thoraipakkam MMRD Scheme Road, OMR. The project has frontage on two main roads - OMR, and the 200 feet Pallavaram Thoraipakkam Scheme Road. It is near the starting point of OMR (IT hub), and it is situated about 7 to 8 kms from Madhyakailash and Adyar. At close proximity to the site, there are various reputed
educational institutions like IIT Madras, Madras University and Anna University situated 4 kms away. The project is targeted to people working in the nearby IT parks.
For the location map, refer to http://www.radiancerealty.in/residences/chennai/multi-storey-apartments/radiance-mandarin/
Pricing Table
Loading on carpet area 14%
Loading on built-up area 41%
Base price June 2017 : Rs. 4.15 million to Rs. 15.8 million (Super built up) April 2013 : Rs. 3.41 million to Rs 13.1 million (Super built up*)
Stamp Duty 8% of the agreement value
Service Tax 6% of the agreement value
Maintenance Charges Rs 3.5 per sq ft per month for initial 12 months
* The ticket range is calculated on base price of the project
Sponsor Profile
Name of the project Radiance Mandarin Name & address of the company
developing the project
Radiance Realty Developers India Ltd Khivraj complex-II, 2nd Floor, 480, Anna Salai, Nandanam, Chennai – 600035
Name of the developer group Radiance Realty Group
Promoter Mr. Varun Manian
Developer website http://radiancerealty.in
Project website http://www.radiancerealty.in/residences/chennai/multi-storey-apartments/radiance- mandarin/
Track record in years 5 years
Project Grading Drivers
Update
CRISIL has revoked the suspension of its grading on the project ‘Mandarin’ and assigned its 'Chennai 4 Star' grading to the project.
CRISIL had suspended the grading on May 2017, on account of non-cooperation by the company with CRISIL's efforts to undertake a review of the grading. The company has now shared the requisite information, enabling CRISIL to assign its grading.
Project construction quality and amenities
Construction quality:
The structural quality of the project is backed by the satisfactory track record of the architect (Siraj & Renu Architects & Interior Designers, Chennai) and structural consultant (M/s Somadev Nagesh consulting engineers). Civil construction will be done by an in-house team of the developer, which has a track record of carrying out development work in NAPC Ltd. The project has been designed to comply with the Seismic Zone III requirements. The developer has a centralized laboratory for testing of materials for all ongoing projects and a centralized batching plant. As on May 2017, developer has completed construction of the project and is ready for hand over.
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Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Project End Date
Project Start Date Proposed Completion date
Quality measures
On-site testing laboratory
External testing
Soil test report
Designed as per seismic zone requirements
Amenities: Project amenities in the project are swimming pool, gymnasium, indoor games, yoga and meditation room, multi- purpose hall, reading room/library and convenience hall.
Project legal quality
The legal quality of the project is backed by clear and marketable land title with title search done for 30 years. Construction agreement mentions details such as possession date, payment terms, delay compensation, but does not mention defect liability and maintenance terms.
Checklist of clauses included in customer agreement
Possession date
Grace period
Saleable area mentioned Super built-up area
Default implication
Delay compensation
Defect liability period (no. of years)
Payment schedule Construction linked
Maintenance clause
Holding clause
Escalation clause
Cancellation clause
Specifications
Amenities
Plan layout
Floor plan
Parking space allotment details
Title search certificate annexed
Approvals
Applied approval details
Project financial quality
The financial quality of the project is strong, backed by promoter support and advances. The project cost of Rs 3070 million was funded through customer advances, promoter’s contribution and bank loan of Rs. 1300 million.
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42%
Funding till date
Customer advances and equity Debt
3.41 4.15
13.10
15.80 21%
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Apr-13 Jun-17
Price trend and % change in ticket size
Lower ticket size (Rs. In million) Higher ticket size (Rs. In million)
% Change
Project sponsor quality
The sponsor quality is marked by the moderate development track record of the promoters in Chennai real estate market.
Radiance Realty traces its roots to NAPC Ltd, which was established in 1949. NAPC Ltd is an ISO 9001:2000 certified engineering, procurement, and construction company. The company is promoted by Mr. Varun Manian (Managing Director).
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Construction track record
Completed projects Ongoing projects
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Project Photographs (As on June 2017)
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Last updated: April 2016
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This report (“Report”) is prepared by CRISIL Limited (CRISIL). By accessing and using the Report the user acknowledges and accepts such use is subject to this disclaimer. This Report comprising CRISIL’s Real Estate Project Assessment is an analytical review based on, substantially, information and material provided or arranged for by the sponsor concerned to whose project the Report relates (“Project”). Relying on such information and material (including those of third party experts engaged by the sponsor) and based on an analytical review of such information and material, and assessing it based on CRISIL’s experience of reviewing other projects CRISIL arrives at the assessment and a grading of the Project. CRISIL cannot and does not independently verify land records, conduct title search, conduct searches in various court or dispute resolution forums to find out if the Project or any of the parties concerned is subject to any disputes, provide a technical assessment of the Project or provide assessments as to the structure or other technical parameters of the Project. CRISIL’s assessment contained in the Report or a grading is not:
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